企業(yè)并購(gòu)中的債券融資.pdf

1、華中科技大學(xué)碩士學(xué)位論文企業(yè)并購(gòu)中的債券融資姓名：徐燕雯申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：工商管理指導(dǎo)教師：夏新平2003.4.28華中科技大學(xué)碩士學(xué)位論文AbstractThisthesisstudiesthebondfinancinginenterprisemergenceMergenceisaverypopularactionwhensomeenterprisesdeveloptheirbusine輻Choosingdifferentfma

2、ncingwayduringthemergencewillhavethedifferentprofitanddifferentriskTherefore，itsalsoakeyquestiontodoaSUCCeSSfUlmergenceTheresearchonfinancingmethodandchannel，espbondfinancinginthemergenceismoremeaningfulthanstockfinancin

3、gasthelatermethodisimplememedwidelynowadaysThethesisdividesintotwoparts，thefirstpartanalyzesthebondfinancingduringthemergence，comp媚twocommonfinancingmethodsintherevenueandrisksThispartfocusonthosenegativefactorsthatimpac

4、tthedevelopmentofdomesticbondmarketandstockfinancingThethesisalsopointsoutthatour血lancemarkethash’tfoundsomeeffectiveandnormativewaystoactivateandprotectbondfinancingSothebondfinancingwillbechargedwithmoreriskandcostthan

5、kstoourimmaturefinancemarketInthesecondparta“l(fā)evelbrace”modelisestablishedtovaluethequantumofbondfmancingduringthemergenceGenerallybondfinancingisusedtogetmorepmfitsthroughfinanciallevel，therefore，ifaenterprisewanttoenla

6、rgerbymergencemanyfactors，suchasitscapitalstructure，ROA，thecapita／smlctureoftheaimenterpriseexpectROAandsoonshouldbetakeintoaccountThethesissuggestsquantumprobablycanbedecidedbytwostepsduringthebondfmancing，firstlywecanf

7、ixonthetotalquantumaccordingtothetwocompaniescapitalstructureandtheirprofits，andsecondlymodulatethequantumaccordingtotheenterprise’SabilityoftakingontheinterestThe‘‘levelbrace’’modelisbasedonthesefactorsanddecisionproces